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Form 8026 — Consolidation and Extension Agreement and insert _can

VIEWS: 44 PAGES: 5

									Form 8026 — Consolidation and Extension Agreement and insert (can also be used for spreader)

      CONSULT YOUR LAWYER BEFORE SIGNING THIS INSTRUMENT—THIS INSTRUMENT SHOULD BE USED BY LAWYERS ONLY.

                                                    —————————————————


AGREEMENT, made the                                day of                                  in the year
BETWEEN




the party of the first part, and




party of the second part,
WITNESSETH: Whereas, the party of the first part is the holder of the following                                            mortgages
and of the bonds or notes secured thereby:

Mortgage dated the                  day of                                in the year               , made by

to

in the principal sum of $                                and recorded in Liber                                of section
of Mortgages, page                      , in the office of the                                           of the
on                                      , in the year

Mortgage dated the                  day of                                in the year               , made by

to

in the principal sum of $                                and recorded in Liber                                of section
of Mortgages, page                      , in the office of the                                           of the
on                                      , in the year
which mortgages now cover the real property hereinafter described, and on which            bonds or notes and mortgages
there is now                                               owing the sum of
                                                                                                                   dollars
with interest thereon, and

WHEREAS, the party of the first part, the holder of said bonds or notes and mortgages, and the party of the second
part, the owner in fee simple of the property hereinafter described, have mutually agreed to               consolidate
and co-ordinate the liens of said mortgages and to modify the terms thereof and of the bonds or notes secured thereby in
the manner hereinafter provided for.

NOW THEREFORE, in pursuance of the mutual consideration provided for in this agreement and in consideration of
the sum of One Dollar and other valuable consideration each to the other in hand paid, receipt of which is hereby
acknowledged, the parties hereto mutually covenant and agree as follows:

THAT the liens of the                        mortgages hereinabove described are hereby


consolidated and co-ordinated so that together they shall hereafter constitute in law but one
mortgage, a single lien, securing the principal sum of
                                                                                                                 Dollars,
and interest, upon the property described as follows:

ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and
being in the




TOGETHER with all right, title and interest of the party of the second part in and to the land lying in the streets and
roads in front of and adjoining the above described premises.

THAT the time of payment of the stated principal sum secured by the above described notes, bonds or obligations, as
modified by this agreement, is hereby extended so that the same shall be due and payable in equal monthly installments,
of                  ($                ) Dollars commencing on the                    day of                           , in
the year , and commencing thereafter on the                      day of each and every month until the
                  day of                         , 20     , at which time the then entire unpaid balance of principal and
interest then due and owing under this agreement shall be due and payable, such payments to be applied first to the
payment of interest and then to the payment of principal.


PROVIDED, that the party of the second part, meanwhile pay interest on the amount due and owing on the above
described notes, bonds or obligations from the                  day of                      , in the year           , at
the rate of                       (               %) per centum per annum, on the                   day of
           , in the year          , next ensuing and monthly thereafter, until the             day of
, in the year            , and provided the party of the second part shall comply with all the other terms of the above
described
notes, bonds or obligations as the same are modified by this agreement.

The parties hereto certify that this instrument secures the same indebtedness evidenced by the above described notes,
bonds or obligations, and secured by the mortgages hereinabove mentioned and secures no further or other indebtedness
or obligation.

AND, upon the above stated considerations and in consideration of the above stated extension, the party of the second
part does hereby assume, covenant and agree to pay the stated principal sum and interest as above set forth and not
before the maturity thereof as the same is hereby extended, and to comply with the other terms of the above described
notes, bonds or obligations as modified by this agreement. The above mentioned notes, bonds or obligations and
mortgages, as modified by this agreement, are collectively hereinafter referred to and described as „‟bond” or „‟note”
and „‟mortgage.”
AND the party of the second part further covenants with the party of the first part as follows:
1. That the party of the second part will pay the indebtedness as hereinbefore provided.
2. That the party of the second part will keep the buildings on the mortgaged premises insured against loss by fire for
the benefit of the party of the first part; that it will assign and deliver the insurance policies to the party of the first part;
and that it will reimburse the party of the first part for any premiums paid for insurance made by the party of the first
part on default of the party of the second part in so insuring the buildings and improvements on the mortgaged
premises, or in so assigning and delivering such insurance policies.
3. That no building or improvement on the mortgaged premises shall be altered, removed or demolished without the
prior express written consent of the party of the first part.
4. That the whole of the stated principal and interest then unpaid shall become due, at the option of the party of the first
part, after default in the payment of any installment of principal or of interest for fifteen (15) days after the same shall
become due, or after default in the payment of any tax, water rate, sewer rent or assessment for a period of thirty (30)
days after notice and demand to pay the same; or after default, notice and demand, either in assigning and delivering the
insurance policies insuring the buildings and improvements on the mortgaged premises against loss by fire or in
reimbursing the party of the first part for premiums paid on such insurance, as hereinabove provided, or after default
upon request in furnishing a statement of the amount due on the mortgage and whether any offsets or defenses exist
against the mortgage debt as hereinafter provided. An assessment which has been made payable in installments at the
application of the party of the second part or any lessee of the mortgaged premises shall nevertheless, for the purpose of
this paragraph, be deemed due and payable in its entirety on the day the first installment becomes due and payable or a
lien.
5. That the holder of this mortgage, in any action to foreclose it, shall be enticed to the appointment of a receiver.
6. That the party of the second part will pay all taxes, assessments, sewer rents or water rates, and in default thereof,
the party of the first part may pay the same.
7. That the party of the second part, within five (5) days upon request in person or within ten (10) days upon request by
mail will furnish a written statement, duly acknowledged, of the amount due on this mortgage, and whether any offsets
or defenses exist against the mortgage debt.
8. That any notice or demand provided for herein may be in writing and may be served in person or by mail.
9. That the party of the second part warrants title to the mortgaged premises.
10. That the fire insurance policies required by paragraph No. 2 above shall contain the usual extended coverage
endorsement; that in addition thereto, the party of the second part, within thirty (30) days after notice and demand, will
keep the mortgaged premises insured against war risk and other hazard that may reasonably be required by the party of
the first part. All of the provisions paragraph No. 2 and No. 4 above relating to fire insurance and the provisions of
Section 254 of the Real Property Law of the State of New York construing the same shall apply to the additional
insurance required by this paragraph
11. That in case of a foreclosure sale, the mortgaged premises, or so much thereof as may be affected by this mortgage,
may be sold in one parcel.
12. That if any action or proceeding be commenced (except an action to foreclose this mortgage or to collect the debt
secured thereby), to which action or proceeding the party of the first part is made a party or in which it becomes
necessary to defend or uphold the lien of this mortgage, all sums paid by the party of the first part for the expense of
any litigation or to prosecute or defend the rights and lien created by this mortgage (including reasonable counsel fees),
shall be paid by the party of the second part with interest thereon at the rate of six (6) percent per annum and any such
sum and the interest thereon shall be a lien on the mortgaged premises, prior to any right, or title to, interest in or claim
on the mortgaged premises attaching or accruing subsequent to the lien of this mortgage, and shall be deemed to be
secured by this mortgage In any action or proceeding to foreclose this mortgage, or to recover or collect the debt
secured thereby, the provisions of law respecting the recovering of costs, disbursements and allowances shall prevail
unaffected by this covenant.
13. That the party of the second part hereby assigns to the party of the first part the rents, issues and profits of the
mortgaged premises as further security for the payment of the mortgage debt, and the party of the second part grants to
the party of the first part the right to enter upon the mortgaged premises for the purpose of collecting the same and to let
the mortgaged premises, or any part thereof, and to apply the rents, issues and profits, after payment of all necessary
charges and expenses, on account of the mortgage debt. This assignment and grant shall continue in effect until this
mortgage is paid. The party of the first part hereby waives the right to enter upon the mortgaged premises for the
purpose of collecting such rents, profits and issues and the party of the second part shall be entitled to collect and
receive such rents, issues and profits until default under any of the covenants, conditions or agreements contained in this
mortgage, and agrees to use such rents, issues and profits in payment of principal and interest becoming due on this
mortgage and in payment of taxes, assessments, sewer rents, water rates and carrying charges becoming due against the
mortgaged premises, but such right of the party of the second part may be revoked by the party of the first part upon
default of any covenant, condition or agreement contained in this mortgage on five (5) days‟ written notice. The party
of the second part will not, without the written consent of the party of the first part, receive or collect rent from any
tenant of the mortgaged premises, or any part thereof, for a period of more than one month in advance, and in the event
of any default under this mortgage, will pay monthly to the party of the first part, or to any receiver appointed to collect
rents, issues and profits, the fair and reasonable rental value for the use and occupancy of the mortgaged premises, or
such part thereof as may be in the possession of the party of the second part, and upon default in any such payment, will
vacate and surrender possession of the mortgaged premises to the party of the first part or to such receiver, and in
default thereof, may be evicted by summary proceedings.
14. That the whole of the above stated principal sum and the interest shall become due at the option of the party of the
first part: (a) after failure to exhibit to the party of the first part, within ten (10) days after demand, receipts showing
payment of all taxes, water rates, sewer rents and assessments, or (b) after the actual or threatened alteration, demolition
or removal of any building on the mortgaged premises without the prior express written consent of the party of the first
part; or (c) after the assignment of rents of the mortgaged premises, or any part thereof, without the express prior
written consent of the party of the first part; or (d) if the buildings and/or improvements on the mortgaged premises are
not maintained in reasonably good repair; or (e) after failure to comply with any requirement or order or notice of
violation of law or ordinance issued by any governmental department claiming jurisdiction over the mortgaged
premises within three (3) months from the issuance thereof; or (f) if on application of the party of the first part two or
more fire insurance companies lawfully doing business in the State of New York refuse to issue policies insuring the
buildings on the mortgaged premises; or (g) in the event of the removal, demolition or destruction in whole or in part of
any of the fixtures, chattels or articles of personal property covered by this mortgage, unless the same are promptly
replaced by similar fixtures, chattels and articles of personal property at least equal in quality and condition to those
replaced, free from security interests or other encumbrances thereon and free from any reservation of title thereto; or (h)
after thirty (30) days‟ notice to the party of the second part, in the event of the passage of any law deducting from the
value of the mortgaged premises for the purposes of taxation of any lien thereon, or changing in any way the taxation of
mortgages, or debts secured thereby, for state or local purposes; or (i) if the party of the second part fails to keep,
observe and perform any of the covenants, conditions or agreements contained in this mortgage.
15. That the lien of this mortgage is hereby extended so as to cover all fixtures, chattels and articles of personal
property now or hereafter attached to or used in connection with the mortgaged premises, including, but not limited to
furnaces, boilers, oil burners, radiators and piping, coal stokers, plumbing and bathroom fixtures, refrigeration, air
conditioning and sprinkler systems, washtubs, sinks, gas and electric fixtures, stoves, ranges, awnings, screens, window
shades, elevators, motors, dynamos, refrigerators, kitchen cabinets, incinerators, plants and shrubbery and all other
equipment and machinery, appliances, fittings of every kind in or used in the operation of the buildings and
improvements standing on the mortgaged premises, together with any and all replacements thereof and additions
thereto.
16. That the party of the second part hereby assigns to the party of the first part, all awards heretofore and hereafter
made to the party of the second part for taking by eminent domain the whole of or any part of the mortgaged premises
or any easement therein, including any awards for changes of grade of streets, which such awards are hereby assigned
to the party of the first part, which is hereby authorized to collect and receive the proceeds of such awards and to give
proper receipts and acquittances therefor, and to apply the same toward the payment of the mortgage debt,
notwithstanding the fact that the amount owing thereon may not then be due and payable; and the party of the party of
the second part hereby agrees, upon request, to make, execute and deliver any and all assignments or other instruments
sufficient for the purpose of assigning such awards to the party of the first part, free, clear and discharged of any
encumbrances of any kind or nature whatsoever.
17. That the party of the second part is now the true and lawful owner of the premises upon which this mortgage is a
valid lien for the amount so specified with interest thereon at the rate above set forth, and that there are no defenses or
offsets to this mortgage or to the debt which it secures.
18. That the principal and interest hereby agreed to be paid shall be a lien on the mortgaged premises and be secured by
said bond or note and mortgage, and that when the terms and provisions contained in said bond or note and mortgage in
any way conflict with the terms and provisions contained in this agreement, the terms and provisions herein contained
shall prevail, and that as modified by this agreement the said bond or note and mortgage are hereby ratified and
confirmed.

     This agreement may not be changed or terminated orally. The covenants contained in this agreement shall run with
the land and bind the party of the second part, the heirs, personal representatives, successors and assigns of the party
of the second part and all subsequent owners, encumbrancers, tenants and sub-tenants of the premises, and shall enure
to the benefit of the party of the first part, the personal representatives, successors and assigns of the party of the first
part and all subsequent holders of this mortgage. The word “party‟‟ shall be construed as if it reads “parties‟‟ whenever
the sense of this agreement so requires.

IN WITNESS WHEREOF, this agreement has been duly executed by the parties hereto the day and year first above
written.

IN PRESENCE OF:
   STATE OF NEW YORK, COUNTY OF
   On the               day of                               in the year             ,
   before me, the undersigned, personally appeared                                         STATE OF
                                                                                           On the                 day of                        in the year           ,
                         , personally known to me or proved to me on                       before me, the undersigned, personally appeared
   the basis of satisfactory evidence to be the individual(s) whose
   name(s) is (are) subscribed to the within instrument and
   acknowledged to me that he/she/they executed the same in                                                      , personally known to me or proved to me
   his/her/their capacity(ies), and that by his/her/their signature(s) on                  on the basis of satisfactory evidence to be the individual(s) whose
   the instrument, the individual(s), or the person on behalf of which                     name(s) is (are) subscribed to the within instrument and
   the individual(s) acted, executed the instrument.                                       acknowledged to me that he/she/they executed the same in
                                                                                           his/her/their capacity(ies), and that by his/her/their signature(s) on
                                                                                           the instrument, the individual(s), or the person on behalf of which
                                                                                           the individual(s) acted, executed the instrument
                                                                                                [add the following if the acknowledgment is taken outside NY State]
                                                                                           and that said individual made such appearance before the
                                                                                           undersigned in the (insert the city or other political subdivision and the
                                                                                           State or country or other place the acknowledgment was taken).


   STATE OF                              , COUNTY OF
   On the               day of                               in the year             ,
   before me, the undersigned, a Notary Public in and for said State,
   personally appeared
                                                                                           STATE OF                             , COUNTY OF
                                      , the
                                                                                           On the                 day of                        in the year           ,
   subscribing witness to the foregoing instrument, with whom I am
                                                                                           before me personally came
   personally acquainted, who, being by me duly sworn, did depose
   and say that he/she/they reside(s) in
                                                                                           to me known, who, being by me duly sworn, did depose and say
                                                                                           that       he resides at
   (if the place of residence is in a city, include the street and street number if any,
                                                                                           that       he is the
   thereof); that   he/she/they know(s)
                                                                                           of
                                                                                           the corporation described in and which executed the foregoing
   to be the individual described in and who executed the foregoing
                                                                                           instrument; that         he knows the seal of said corporation; that the
   instrument; that said subscribing witness was present and saw
                                                                                           seal affixed to said instrument is such corporate seal; that it was
   said
                                                                                           so affixed by order of the board of directors of said corporation,
                                                                                           and that he signed h              name thereto by like order.
   execute the same; and that said witness at the same time
   subscribed his/her/their name(s) as a witness thereto

      [add the following if the acknowledgment is taken outside NY State]
   and that said subscribing witness made such appearance before
   the undersigned in the (insert the city or other political subdivision
   and the State or country or other place the proof was taken).




       Consolidation and Extension                                                              SECTION

                                                                                                BLOCK
               Agreement                                                                        LOT
TITLE NO.                                                                                       COUNTY OR TOWN



                                      TO

                                                                                                                           RETURN BY MAIL TO:




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